Walgreens 2014 Annual Report Download - page 64

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Item 8. Financial Statements and Supplementary Data
Consolidated Statements of Earnings
Walgreen Co. and Subsidiaries
For the years ended August 31, 2014, 2013 and 2012
(In millions, except per share amounts)
2014 2013 2012
Net sales $76,392 $72,217 $71,633
Cost of sales 54,823 51,098 51,291
Gross Profit 21,569 21,119 20,342
Selling, general and administrative expenses 17,992 17,543 16,878
Gain on sale of business — 20 —
Equity earnings in Alliance Boots 617 344 —
Operating Income 4,194 3,940 3,464
Interest expense, net (156) (165) (88)
Other (expense) income (481) 120 —
Earnings Before Income Tax Provision 3,557 3,895 3,376
Income tax provision 1,526 1,445 1,249
Net Earnings 2,031 2,450 2,127
Net earnings attributable to noncontrolling interests (99) — —
Net Earnings Attributable to Walgreen Co. $ 1,932 $ 2,450 $ 2,127
Net earnings per common share attributable to Walgreen Co. – basic $ 2.03 $ 2.59 $ 2.43
Net earnings per common share attributable to Walgreen Co. – diluted 2.00 2.56 2.42
Average shares outstanding 953.1 946.0 874.7
Dilutive effect of stock options 12.1 9.2 5.4
Average diluted shares 965.2 955.2 880.1
The accompanying Notes to Consolidated Financial Statements are integral parts of these statements.
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